UPDATE: Jefferies Raises PT on First Republic Bank Following 2Q13 Beat

In a report published Thursday, Jefferies analyst Casey Haire reiterated a Hold rating on First Republic Bank FRC, and raised the price target from $40.00 to $44.00.

In the report, Jefferies noted, “Post the 2Q13 beat, we raise estimates to $3.11/$3.10 from $3.00/$2.85 as a stronger starting point for spread income overcame a weaker-than-expected mortgage banking result. Near-term, EPS run-rate could slip slightly as FRC battles through further mortgage banking normalization, but strong loan pipelines and improved pricing should resume core EPS growth into 2014. Additionally, improved deposit formation trends improve sentiment.”

First Republic Bank closed on Wednesday at $41.80.